Oberoi Realty to Develop Mixed-use Development on Worli Glaxo plot
Mumbai-based developer Oberoi Realty is planning to develop a total 1 million sq ft mixed use project on a four-acre land parcel acquired from GalxoSmithKline near Mumbai's old passport office on Dr. Annie Besant Road in Worli. As part of this development, the company is looking to build a 0.5 million sq ft luxury mall, a five-star hotel and a serviced apartment block. “Total development will be one million sq ft including serviced apartments, a hotel and around 500,000 sq ft luxury mall…we want our mall to start operations by 2019-2020,” Vikas Oberoi, CMD, Oberoi Realty, told analysts in the company's earnings conference call. From this land parcel, the company will be providing around 2,500 sq meter plot, on temporary basis for three years, to Mumbai Metropolitan Region Development Authority (MMRDA) for the proposed metro station in Worli. This will be returned to the company after the completion of the Metro project connecting South Mumbai’s Colaba and SEEPZ in Andheri suburb, he added. The company is planning to develop one more retail mall in Borivali suburb of Mumbai taking its tally of malls to three in Mumbai. Oberoi Realty is already in talks with private equity players to set up a platform to hold its retail assets.
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